The world's top 10 emerging economies

The world's top 10 emerging economies

The term 'emerging market economy' was coined in 1981 by Antoine W Van Agtmael of the International Finance Corporation of the World Bank.

An emerging market economy is defined as an economy with low to middle per capita income.

Such countries constitute approximately 80 per cent of the global population, and represent about 20 per cent of the world's economies. (Source: Investopedia.com)

Even though emerging markets generally do not have the level of market efficiency and strict standards in accounting and securities regulation like advanced economies -- such as the United States, Europe and Japan -- they are most sought after by investors for the prospect of high returns, as they often experience faster economic growth as measured by GDP.

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Image: Arrangement of various world currencies.Photographs: Kacper Pempel/Reuters

The world's top 10 emerging economies

In 2011, the growth of the Russian economy will be 4.8 per cent. However, the inflation rate in the country will reach 8 per cent, a report from the International Monetary Fund said.

Russian President Dmitry Medvedev recently gave assurances that Russia's economy will be kept open to international commerce as he tried to shore up investor confidence ahead of his country's all-but-assured accession to the World Trade Organization.

It has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy to a more market-based and globally integrated economy.

Russia is the eleventh largest economy in the world by nominal value and the sixth largest by purchasing power parity (PPP).

The country has an abundance of natural gas, oil, coal, and precious metals.

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Image: A 3M Co representative sinks a 100 rouble banknote in a container of fire suppression fluid during a presentation in St. Petersburg.Photographs: Alexander Demianchuk/Reuters

The world's top 10 emerging economies

Turkey's economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 30 per cent of employment.

An aggressive privatisation program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging group of middle-class entrepreneurs is adding dynamism to the economy.

Turkey has the world's 15th largest GDP-PPP and 17th largest nominal GDP.

The country is among the world's leading producers of agricultural products; textiles; motor vehicles, ships and other transportation equipment; construction materials; consumer electronics and home appliances.

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Image: People stroll at a shopping mall in Istanbul.Photographs: Murad Sezer/Reuters

The world's top 10 emerging economies

Poland has pursued a policy of economic liberalization since 1990 and today stands out as a success story among transition economies.

In 2010 the Polish economic growth rate was 3.8 per cent, which was one of the best results in Europe.

The Polish state has steadfastly pursued a policy of economic liberalisation.

The privatisation of small and medium state-owned companies and a liberal law on establishing new firms has encouraged the development of the private business sector, which has been the main drive for Poland's economic growth.

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Image: The construction site of Poland's National Stadium, built for Euro 2012 soccer championships, in Warsaw.Photographs: Kacper Pempel/Reuters

The world

Strong oil prices along with an upsurge in tourism, trade and communications will lift UAE's economy by nearly five per cent in 2011, sharply higher than the growth rate in 2010.

GDP growth will remain at that high level in 2012 and the level is considered as one of the best growth rates in the Middle East and North Africa, Pricewaterhouse-coopers (PWC) said.

An IMF report noted that despite higher international food prices, the inflation rate at consumer level is expected to remain moderate at 4.5 per cent in the country, as property rents continue to decline.

Besides, the UAE's unemployment rate is at low level of 4.2 per cent.

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Image: Visitors tour the second day of the Dubai Airshow.Photographs: Nikhil Monteiro/Reuters